UK firms accused of fixing gold prices in Pakistan transfer scheme
Three UK money transfer firms face provisional accusations of price-fixing for transactions to Pakistan. The Financial Conduct Authority (FCA) has issued a statement of objections against Dollar East, alleging they manipulated the gold price and gold price chart for transfers from the UK to Pakistan. This included setting exchange rates and transaction fees through Small World's services. Consumers in Glasgow may have paid more than they should have due to this conduct.
The statement of objections is not a final ruling but a provisional step in the investigation. The firms now have the chance to respond before the FCA decides whether any laws were broken. If the allegations are upheld, legal action could follow.
The FCA will not publish the statement of objections at this stage. Further details will only be released once a final decision is made. Meanwhile, the regulator has not named any individuals or businesses linked to separate Pakistani Interpol investigations into gold price manipulation as of January 2026.
Legal experts advise that those facing international legal challenges, including potential Interpol involvement, should seek specialised legal support.
The outcome of this case depends on the firms' responses and the FCA's final ruling. If proven, the gold price manipulation claims could lead to penalties for the companies involved. The investigation also highlights the importance of compliance in financial services, particularly for cross-border transactions.
